How to make progress payments.
On This Page
Understanding progress payments
Progress payments are payments made during the construction of your home.
Key information
Multiple payments
Progress payments are generally divided into stages. You'll need to give your authority at each stage of construction. This ensures you're only paying for work that's been done.
Progress inspections
We might need to do a progress inspection of your property before or during construction, and before the final progress payment is made. The person inspecting will arrange these inspections with your builder.
Final payment
Before final payment is made, you'll need to provide us with a copy of your Building Insurance Policy or Certificate of Currency. Make sure to put us as the mortgagor of the property when taking out the insurance.
How to authorise progress payments
We’ll hold off on paying your builder until you’ve given us your authority. You’ll need to do this at each stage of construction. You can easily provide your authorisation via Bankmail, email or post.
Making progress payments via Bankmail
- Log in to online banking
- Navigate to ‘Message Centre’ and select ‘Bankmail’
- Select ‘Make a progress payment’
- Complete the template and send.
You’ll need:
- Your Bankwest reference number. It’s an 8 digit number which can be found on your Home Loan Application Tracker email or letters you’ve received about your progress payments.
- The stage of your claim
- Your builder's name and payment amount
- Attach your builder’s tax invoice if your builder hasn’t already sent it to us.
Please note Bankmail is not available in the Bankwest App.
Making progress payments via email or post
Instead of using Bankmail, you can send a Customer Authority to Make Progress Payment Form. See return details on the form.